"The possibility of an Atlantic League is back on the agenda, involving clubs from Scotland, Belgium, Demmark, Sweden and Holland.

It was first mooted in the 1990s, but enthusiasm waned repeatedly in the face of Uefa's policy of maintaining the primacy of national associations. Uefa felt that the foundation of trans-national leagues would threaten the authority of national associations, but that article of faith has been weakened significantly by veiled threats by super clubs to institute a breakaway European League.

The immediate danger of such a schism has been averted by the agreement to permit four teams from each of England, Germany, Italy and Spain to have automatic access to the Champions League group stage. However, there have been parallel talks among smaller European countries about the formation of regional groupings and The Telegraph understands that a Balkan League - comprising the former Yugoslavian countries, possibly with Albania and Greece - is the most advanced.

Informal discussions about a North Atlantic League have also been held, with a proposed start in 2021 to coincide with the end of the current Champions League broadcasting cycle. A North Atlantic set-up, including the likes of Ajax, Feyenoord, PSV, Anderlecht, Club Brugge, FC Copenhagen and Malmo, is more likely to confine Scottish participation to the Old Firm plus one - probably Aberdeen.

Rangers have been more preoccupied with the immediate task of restoring themselves as a force in the Scottish Premiership after four seasons in the lower divisions following the financial meltdown at Ibrox in 2012. Celtic, though have investigated alternative futures in detail and their belief is that the Old Firm - and also Aberdeen, Hearts and Hibernian - would add much greater value to the Football League than the addition of Conference clubs or franchises.

Celtic are understood to favour a pyramid system open to other SPFL clubs, solidarity payments, their continued participation in the Scottish Cup and the possibility of maintaining colt or 'B' teams in the Scottish leagues. The downside, for Celtic in particular, would be a mimimum of five years without European football, assuming that they would be able to sustain continuous momentum towards the ultimate goal of a place in the Premier League.

For the moment, though, we must wait to see how much appetite the Football League clubs have to be game changers - in a radical sense."